Richard H. Neiman, Superintendent Of Banks, Testifies Before New York State Senate Committee On Banks On The Banking Department’s Response To The Financial Crisis
Testimony Focuses on Impact of Financial Crisis on New York, its Banks and Consumers; New York’s Ongoing Efforts to Address Foreclosures; and New York’s Role in Shaping Policy and Regulatory Reform at the National Level
February 25, 2009
New York, NY: The New York State Banking Department today announced that the Superintendent of Banks, Richard H. Neiman, testified before the New York State Senate Committee on Banks. In his remarks, which were followed by a question and answer session, Superintendent Neiman focused on the Banking Department’s response to the financial crisis with emphasis on the following areas:
- The financial crisis and its impact on New York, its banks and consumers
- New York State's ongoing efforts to address foreclosures
- New York’s role in shaping policy and regulatory reform at the national level
“Stabilizing the housing market will not solve the financial crisis, but the financial crisis cannot be solved without addressing the situation of New Yorkers and American families who are at risk of losing their homes. Helping homeowners to avoid foreclosure, stabilizing the financial markets, and reforming our financial regulatory system has to be a national effort,” said Superintendent Neiman. “Now is the time for a new Federalism – a progressive Federalism - that would draw on what is best in our current dual banking system, close gaps in consumer protection, and maximize the effectiveness of the joint resources of state and federal regulators.”
Chairman of the State Committee on Banks, Senator Brian X. Foley, said “This was our first hearing with the Banking Department and we thank Superintendent Neiman for his well informed testimony. We consider the financial crisis to be of the highest priority and are eager to partner with the Banking Department to help New York’s working families get back on their feet and resume building a strong future for generations to come.”
The Superintendent’s testimony is available on the Banking Department’s Web site at http://www.banking.state.ny.us/sp090225.htm.
The New York State Banking Department is the regulator for all state-chartered banking institutions, virtually all of the United States offices of international banking institutions, all of the State’s mortgage brokers, mortgage bankers, check cashers, money transmitters and budget planners. The aggregate assets of the depository institutions supervised by the Banking Department are more than $2.2 trillion.In addition to regulating banking institutions, the Banking Department is active in informing and educating all New Yorkers on banking matters. To contact the Banking Department, please call 1-877-BANK-NYS or visit our Web site at www.banking.state.ny.us.